In 2017 alone there have been so many more cyber attacks as never before, and what is particularly frightening is that the climax has not been reached yet – in fact, it is still far. Too many companies it is clear, meanwhile, that good cyber security has its cost. But wouldn't it be good, if cyber security could deliver more than "just" the protection of your data? This is exactly what has been researched in several studies, and the outcome is that cyber security can give a real contribution to the success of your enterprise, and you too can set this as your target. But how can you get the most out of all this? We have summarized the most important findings in the studies and show you what measures you can take to increase your returns.
2017 was the year of the hacker attacks: a total record-breaker! New attack methods and attacks were reported daily in the media. This negative trend has been the cause of great concern in businesses. For this reason, a number of international studies have posted the following two questions:
- Can investments in effective cyber security provide value that goes beyond the protection of data?
- Is there a relationship between cyber security and the company's success?
The answers are clear: there is a strong correlation between investments in IT security and turnover growth. However, the studies also clearly show something quite interesting: by adopting the correct security measures, most enterprises could raise their profits even more. The conclusion is that there is a huge need to catch up. As an entrepreneur or security officer, now you will certainly want to know the secret of success, to achieve top profits. Our experts have performed an extended analysis, and have laid out the following tips to help you in a correct implementation.
The top 3 indicators of success in cyber security
The research clearly shows that good cyber security can bring a benefit in the relationship with clients.
- 89% of businesses believe that optimising cyber security has led to better client loyalty and trust.
- 90% have also said that they were able to improve their image, to reach new potential clients, and also turn them into actual clients.
- 89% believe that having effective cyber security is a relevant competitive advantage, which helps them differentiate from their competitors.
IT security increases revenues up to 24%
The results can be measured. Businesses that use cloud technologies and Internet of Things (IoT) have estimated that the adoption of targeted IT security controls has brought an increase in their revenues of up to 24%.
The downside of success
A strongly growing client demand and the awareness of the rising number of cyber attacks have taken their toll on the budget. 87% of respondents expect their expenditures for cyber security to increase in the next three years; 10% predict they will double. How do things look like, in your business?
High expenses, however, do not give any indication of whether the funds have been well invested. Both studies also showed the following:
- 41% of decision makers say that they did not know where to address their requirements.
- 60% of the smaller businesses feel poorly informed on cyber security.
While smaller businesses are most scared by the risk of data loss, the bigger enterprises and groups look more at regulations and compliance: in the EU, of course, at present the greatest issue being the GDPR, which will enter force in May 2018.
Maximise your cyber security and the success of your business
Both studies have confirmed without any doubt that cyber security has positive effects on your business, and not only from the financial standpoint. To get the greatest benefit from your investments, now you should optimise your own controls and processes. As usual, it is easier said than done; but don't worry, we are not leaving you alone with this issue!
Optimise your cyber security strategy
Financial resources are a must, but they're not enough. Do not waste any money on needless issues and find out, what are the controls and solution that are right for you. Incidentally, you will save time – and nerves.
Our experts have already published several blog posts on the issue of cyber security strategy. Go through them, step by step, and we promise that you will be able to get much more out of your cyber security!
- You too need a cyber security strategy. Here's why.
- The "Cyber Security Guide": a master plan for maximum cyber security. Includes a white paper to download free of charge
- What distinguishes a good cyber security strategy
- Cyber Security Organisation: how do businesses implement their strategy with success (Article in German)
No fear of the IoT and Industry 4.0
Many businesses still shy away from the Internet of Things (IoT) and Industry 4.0. But why? The technologies are mature enough, but many still perceive them as strange and new. And it is well known that people do not like changes; especially when they are as intrusive as digitization. But sooner or later, digitization is going to force all businesses to fundamental adjustments of their current processes. And with the adjustments, of course, cyber risks will come, and they will have to be addressed. Yet another additional financial burden? Our answer is: no! But only if you have already considered the basics. We have made some engaging reading material available for you, and we believe you should read through all the following:
- Look into the eyes of "digitisation’s ugly sister"!
- Why is the Internet of Things (IoT) going to revolutionise security?
- Run IoT project on secure tracks (whitepaper in German)
- Internet of Things & Industry 4.0: follow these 5 tips (Article in German)
Address cyber security professionally
Of course, external help comes at a cost; but professionalism always pays. If you do not have enough internal resources and the corresponding know-how, you should start with seeking external cyber security specialists. This will help you optimise your cyber security, and thereby save costs in the long run – not to mention avoiding the financial consequences of becoming the victim of an attack.
In this sense, the detection of cyber attacks plays an ever-greater role. Plain prevention is no longer enough; however, usually running an internal SOC is not an option, because financial and human resources are not available internally. In this case, it is a good idea to outsource your cyber defence to a specialised Cyber Defence Center.
And Cyber Security pays off
In no case cyber security should be seen as a cost factor only. More than anywhere else you should not seek to save your money here! Take information security in earnest. Do regular checks and see if your risk evaluation and cyber security strategy match with one another, and if they have been correctly implemented. And most important of all, be patient. Cyber security pays off in the long term, and it does so at double and triple rates!
Choosing the right cyber security partner
There is no need to explain why your cyber security partner must be a top-notch specialist. But other factors are also important, such as a comprehensive range of services, references, experience and trustworthiness. We at InfoGuard offer all this, in an attractive all-inclusive-carefree-package: from security consulting and audit to awareness campaigns for your staff, to the appropriate solutions for your network and data security, to comprehensive cyber defence services or simulation of cyber attacks. Our experts have years of experience and corresponding know-how. Our wide range of services allows us to offer bespoke solutions, matching all domains. Contact us now, and we will show you that cyber security really counts!